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So, basically, if you go online with your PS3, Sony can now:

-Prohibit you from creating subaccounts for your friends.

This is presumably to prevent people from "sharing" their downloadable content.  Its an anti-piracy measure of sorts.  Also prevents people from phishing your account details online.

-Prohibit you from giving out your age, real name, or AIM/e-mail to other PSN members.

Security measure

-Monitor anything and everything you say or do on PSN, and remove any content you post without notice or reason.

I'm probably partly to blame for this one, I get a few complaints about my name.  But this is probably more to prevent bullying and use of foul-language.  Lots of online services have this

-Update your PS3 automatically, without notice, potentially gimping certain features or bricking your system, and they're not responsible for the consequences.

This is probably to do with that update they released a while ago that made some (a very few) people reset their systems. 

Really nothing here thats Draconian, Just more CYA (cover your ass)